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Confused about ISAs - help!

(2 Posts)
beanybean Sun 04-Oct-09 19:40:50

I understand that you get a tax free allowance every year to put into a cash isa but what I don't get is if you take out a new isa every year (and therefore have lots of them) or if you just transfer your isa (if you can) to a new one each year and add your tax free allowance to it for the year. I'm probably being really stupid so hoping someone can explain this to me.

Ivykaty44 Sun 04-Oct-09 19:44:44

You can get a new isa each year

you can put into the same isa on year 1, 2, 3, 4, and so on

you can put in isa 1 and then the following year go to another bank and get another isa - as long as you only get one isa per year

you can pick a new isa and then transfer all the previous ones inot your new pone - if you want and the bank allows

you can have cash isa and shares isa

you can pick different share isa'a and have cash somewhere else

next year -april the tax allowence goes up to £5.100k for the cash part and same for share part

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